Boesky made most of his money illegally by insider trading.

Ivan Boesky profited from arbitrage trades of company stocks that were going to be acquired. He would learn that a company was soon to be purchased, so he would purchase the company's stock before the deal was made public and the stock price soared to the acquisition price.

This type of trade is completely legal, as long as all of the information has been made public. But, Boesky wanted an edge, so he cheated and traded off of exclusive, inside information.

It is estimated that Boesky made $65 million in 1984 when Chevron purchased Gulf and when Getty was purchased by Texaco.

Junk bond king Michael Milken helped Boesky get rich.

The man with the best knowledge of leveraged buyouts in the 1980s was Michael Milken of Drexel Burnham. Milken and Drexel would both underwrite debt for leveraged buyouts and would trade the high-yield, high-risk, junk-bonds that were used to finance leveraged buyouts.

Boesky would typically receive inside information about scheduled buyouts from junk-bond traders and takeover artists, and would cut a deal with the informant for a percentage of his profits from his arbitrage trades.

Boesky raised over $640 million in debt capital through Milken and Drexel, and used that money to place arbitrage trades, many of which were bets on Drexel's buyout deals.

Boesky maintained a staff of over 100 in his Fifth Ave office. But, some believe that his staff was used as a smoke screen, because he made many of his big trades based on inside information that he bargained for.

Seema and Ivan lived the life of Wall Street legends.

During the 1980s, Seema and Ivan were worth over $280 million and placed on the Forbes 400 wealthiest American list. Boesky didn't follow the normal 20% of profits and 2% management fee that most hedge funds follow. He took home a fat 50% of the profits.

Boesky was caught buying information from Dennis Levine.

In September of 1986, Boesky secretly struck a deal with the federal investigators, banning him from dealing securities, and to help bring down the insider trading network, rocking Wall Street. He also had to pay a $100 million fine.

Boesky currently lives with his new wife Ana, in this home near San Diego.

Semma and Ivan have four offspring; one son is a therapist, one teaches, one develops real estate and their daughter deals contemporary art.

We did a little snooping and Google Earthing to find his house. According to our research and an address search in White Pages, Ivan Boesky lives in the pictured home that has views of the Pacific Ocean.